FIN REG-REVERSE MORT LOANS House SponsorsRep. Michael K. Smith-Ronald A. Wait-Charles E. Jefferson-Angelo Saviano-Larry McKeon, Monique D. Davis, Mike Boland, Brandon W. Phelps, Harry Osterman, Suzanne Bassi, Naomi D. Jakobsson, William Davis, Thomas Holbrook, Joseph M. Lyons, Ralph C. Capparelli, Careen Gordon, Robert F. Flider, John E. Bradley, Robert Rita, Kathleen A. Ryg and Donald L. Moffitt Senate Sponsors(Sen. George P. Shadid-Dale E. Risinger-Jacqueline Y. Collins, Pamela J. Althoff and Edward D. Maloney) 8/5/2004HousePublic Act . . . . . . . . . 93-0863 205 ILCS 5/5afrom Ch. 17, par. 312205 ILCS 105/1-6afrom Ch. 17, par. 3301-6a Amends the Illinois Banking Act and the Illinois Savings and Loan Act of 1985. Provides for a civil penalty of $50,000 for violations of law in connection with reverse mortgage loans made to elderly persons. Requires the penalty to be paid into the Community Senior Services and Resources Fund. Effective immediately.House Amendment No. 1 Deletes reference to:205 ILCS 5/5a205 ILCS 105/1-6aAdds reference to:205 ILCS 635/5-5Deletes everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Provides that a licensee must act in good faith in all relations with a borrower. Provides that no licensee shall employ fraudulent or deceptive acts or practices in the making of a reverse mortgage loan, including deceptive marketing and sales efforts. Effective immediately. 2/5/2004HouseFiled with the Clerk by Rep. Michael K. Smith 2/5/2004HouseFirst Reading 2/5/2004HouseReferred to Rules Committee 2/18/2004HouseAssigned to Consumer Protection Committee 2/24/2004HouseAdded Chief Co-Sponsor Rep. Ronald A. Wait 2/24/2004HouseAdded Chief Co-Sponsor Rep. Charles E. Jefferson 2/24/2004HouseAdded Chief Co-Sponsor Rep. Angelo Saviano 2/24/2004HouseAdded Chief Co-Sponsor Rep. Larry McKeon 3/2/2004HouseAdded Co-Sponsor Rep. Monique D. Davis 3/2/2004HouseAdded Co-Sponsor Rep. Mike Boland 3/3/2004HouseDo Pass / Short Debate Consumer Protection Committee; 011-000-000 3/3/2004HousePlaced on Calendar 2nd Reading - Short Debate 3/23/2004HouseAdded Co-Sponsor Rep. Brandon W. Phelps 3/23/2004HouseHouse Amendment No. 1 Filed with Clerk by Rep. Michael K. Smith 3/23/2004HouseHouse Amendment No. 1 Referred to Rules Committee 3/24/2004HouseAdded Co-Sponsor Rep. Harry Osterman 3/25/2004HouseAdded Co-Sponsor Rep. Suzanne Bassi 3/25/2004HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000 3/25/2004HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson 3/25/2004HouseAdded Co-Sponsor Rep. William Davis 3/25/2004HouseAdded Co-Sponsor Rep. Thomas Holbrook 3/25/2004HouseAdded Co-Sponsor Rep. Joseph M. Lyons 3/25/2004HouseAdded Co-Sponsor Rep. Ralph C. Capparelli 3/25/2004HouseSecond Reading - Short Debate 3/25/2004HouseHouse Amendment No. 1 Adopted by Voice Vote 3/25/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/26/2004HouseAdded Co-Sponsor Rep. Careen Gordon 3/26/2004HouseAdded Co-Sponsor Rep. Robert F. Flider 3/29/2004HouseAdded Co-Sponsor Rep. John E. Bradley 3/30/2004HouseAdded Co-Sponsor Rep. Robert Rita 3/30/2004HouseThird Reading - Short Debate - Passed 116-000-000 3/30/2004HouseAdded Co-Sponsor Rep. Kathleen A. Ryg 3/30/2004HouseAdded Co-Sponsor Rep. Donald L. Moffitt 3/31/2004SenateArrive in Senate 3/31/2004SenatePlaced on Calendar Order of First Reading April 1, 2004 4/2/2004SenateChief Senate Sponsor Sen. George P. Shadid 4/6/2004SenateFirst Reading 4/6/2004SenateReferred to Rules 4/15/2004SenateAssigned to Financial Institutions 4/22/2004SenateDo Pass Financial Institutions; 006-000-000 4/22/2004SenatePlaced on Calendar Order of 2nd Reading April 27, 2004 4/23/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Dale E. Risinger 4/28/2004SenateSecond Reading 4/28/2004SenatePlaced on Calendar Order of 3rd Reading April 29, 2004 5/4/2004SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins 5/11/2004SenateAdded as Alternate Co-Sponsor Sen. Pamela J. Althoff 5/11/2004SenateAdded as Alternate Co-Sponsor Sen. Edward D. Maloney 5/11/2004SenateThird Reading - Passed; 056-000-000 5/11/2004HousePassed Both Houses 6/9/2004HouseSent to the Governor 8/5/2004HouseGovernor Approved 8/5/2004HouseEffective Date August 5, 2004 8/5/2004HousePublic Act . . . . . . . . . 93-0863